Northeast Financial Consultants Inc Boosts Stock Position in Corning Incorporated (NYSE:GLW)

Northeast Financial Consultants Inc lifted its holdings in shares of Corning Incorporated (NYSE:GLW) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,563 shares of the electronics maker’s stock after buying an additional 1,500 shares during the quarter. Northeast Financial Consultants Inc’s holdings in Corning were worth $2,213,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Fifth Third Bancorp lifted its holdings in Corning by 16.8% during the fourth quarter. Fifth Third Bancorp now owns 111,448 shares of the electronics maker’s stock valued at $5,296,000 after purchasing an additional 16,001 shares in the last quarter. New Century Financial Group LLC acquired a new position in shares of Corning during the 4th quarter worth about $1,110,000. Oak Thistle LLC purchased a new position in Corning in the 4th quarter valued at about $373,000. Tallon Kerry Patrick acquired a new stake in Corning in the 4th quarter worth about $302,000. Finally, Barclays PLC increased its stake in Corning by 8.5% during the 3rd quarter. Barclays PLC now owns 1,892,946 shares of the electronics maker’s stock worth $85,468,000 after buying an additional 148,042 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Performance

Shares of GLW stock opened at $47.61 on Wednesday. The firm has a 50 day moving average of $44.46 and a two-hundred day moving average of $47.50. The stock has a market capitalization of $40.78 billion, a PE ratio of 82.09, a P/E/G ratio of 1.50 and a beta of 1.09. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 52 week low of $34.33 and a 52 week high of $55.33.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 15.10% and a net margin of 3.86%. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the firm earned $0.38 earnings per share. On average, research analysts predict that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.35%. The ex-dividend date is Friday, May 30th. Corning’s dividend payout ratio (DPR) is presently 215.38%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on GLW shares. HSBC raised Corning from a “hold” rating to a “buy” rating and increased their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. StockNews.com cut shares of Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Oppenheimer lowered their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Citigroup cut their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Bank of America boosted their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $53.08.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 20,262 shares of the company’s stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total transaction of $892,743.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Z. Zhang sold 8,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president now owns 9,610 shares in the company, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.